Tenants Press NYC Pension Fund Over 1,018 Signature Buildings as 2,800 Violations Persist
Updated
Updated · Gothamist · May 19
Tenants Press NYC Pension Fund Over 1,018 Signature Buildings as 2,800 Violations Persist
1 articles · Updated · Gothamist · May 19
Summary
Thousands of unresolved problems still plague former Signature Bank buildings more than two years after the rescue effort, with tenants citing about 2,800 monthly housing-code violations and more than 180 city lawsuits.
$60 million from the New York City Employees’ Retirement System made the pension fund a 25% partner in Community Stabilization Partners in 2024, but the venture says it manages loans—not buildings—and can only push owners through debt relief and loan modifications.
Data show some improvement: violations across 1,018 buildings fell from a January 2024 peak of about 3,200 to 2,800 last month, while eviction filings dropped to 2,700 in 2025 from 3,600 in 2023.
Community Stabilization Partners has started foreclosure proceedings at 42 buildings and expects 20 to 25 could eventually be transferred to preservation buyers, though executives say the program is mainly meant to keep owners solvent and repairing properties.
Tenant organizers are now meeting pension trustees and seeking a role in choosing future buyers, reflecting a broader New York housing shift toward greater renter influence under Mayor Zohran Mamdani.